There has been an upside to the economic upheaval around the world in the wake of the pandemic: more people have started businesses.
According to the Economic innovation Group, around 1.4 million businesses launched in the US in 2021. In the UK, data analysed by small business lender Iwoca shows almost 80 new businesses were registered per hour in the first half of 2021!
Many entrepreneurial people have shown an enterprising spirit as their employment has, sadly, changed. Also, the nature of the pandemic and subsequent lockdowns has emboldened others to resign and follow their dream of setting up a business. This movement has now been called The Great Resignation.
As we prepare for a new year, many people are likely to be making resolutions to start their own enterprise in 2022.
All this data is encouraging for businesses around the world. If there are more start-ups, there are more to potentially to do business with, whether as a client or supplier.
And what we need right now is an increase in economic activity.
But the sad reality is that 20 per cent of businesses fail in their first year, while 60 per cent close within three years. This UK statistic is reflected around the world.
While the most likely reason for failing is due to running out of cash or being unable to raise funding, many others are down to a lack of planning. Even the top reason for failing can be attributed to not carrying out sufficient groundwork.
Without getting your figures and ideas together, it’s easy to overestimate how long it takes to establish a business and the money needed to invest in it. As the saying goes: fail to plan and you plan to fail!
Setting goals at the very outset can help increase the success of your new business. And it’s also a great idea to speak to experienced entrepreneurs as they can help you avoid similar pitfalls that they faced.
As I’ve already eluded to, setting goals at the very start of an enterprise can help increase your chances of success. Relationology’s Mastermind programme is a successful way to set goals, with a 91 per cent success rate among participants.
From starting businesses to preparing for growth, Masterminds not only help people achieve goals in 100 days, they are also a superb way to connect with peers.
Many of our participants are experienced entrepreneurs, so you can access a wealth of advice. Even those who are also starting up can help you by offering views on your business ideas. While asking your nearest and dearest maybe your easiest option, it’s often better to get a different and unbiased point of view.
You will also be able to access advice from Relationology partners, who are all experienced in many different aspects of business and leadership.
So, if you are planning on starting a business or have recently started a company and want to achieve goals in 100 days early in the new year, find out more about Masterminds.
Whatever your business and plans for 2022, everyone at Relationology International wishes you a very peaceful and prosperous new year.